Thursday, July 25, 2013

Guesstimates on July 25, 2013

September S&P E-mini Futures: Today’s range estimate is 1665-1680.  So far selling pressure on the drop from 1695.50 has been light. Support is at 1665 and from there the market is likely to rally above 1700. The ES is headed to my long standing target of 1775 and possibly higher over the coming months.
QQQ:  Upside target is 79.
TNX (ten year note yield): The upside yield target for the 10 year is 2.85 % but I think the market will move past this level to 3.50% over the next few months.
Euro-US Dollar: The market has put in three low points near 1.2800 and now has been trading for several days above its 20 day moving average. It looks like a move up to 1.400 has started
Dollar-Yen: The dollar-yen has held support at 94.50. The next upside target is 107.00.
September Crude:  Crude is stalling at 108 resistance.  
August Gold:  I think a rally of $200-300 is underway.    
September Silver: The 18.00 level is now support and a rally to 24.00 or so is underway.
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  Next downside target is 350. Resistance is at 460.

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